State Street’s Annual Corporate Responsibility Report Highlights Increased Employee Volunteerism and Reduced Carbon Footprint
July 15 2011 - 9:00AM
Business Wire
State Street Corporation (NYSE: STT), today released its 2010
Corporate Responsibility report. Published annually since 2004, the
report highlights the Company’s environmental, social and
governance performance (ESG) over the past year and goals for 2011
and beyond. Key milestones include the following:
- Employee volunteer service hours rose 8
percent overall and 4 percent per person to 78,000 hours or 2.7
hours per person. The State Street Foundation’s match of employee
gifts also rose 25 percent to $2 million and the number of employee
gifts matched climbed 33 percent to 4,800.
- From 2009 to 2010, total direct CO2
emissions from State Street’s global operations declined 798 metric
tons, or 12 percent overall and 6 percent per person. The company
has set a goal of reducing its carbon footprint by another 10
percent by 2013. State Street also increased its use of renewable
energy by nearly 75 percent.
- State Street Global Advisors (SSgA),
State Street’s investment management business, achieved record
growth within its ESG investment strategies. With $119 billion in
total assets at March 31, 2011, SSgA’s ESG assets increased by 39
percent from the firm’s year-end 2010 ESG asset levels.
- [In 2010], State Street encouraged
environmentally friendly commuting with 520 flexible work
arrangements, resulting in a reduction in employee travel by a
combined total of more than 34,000 miles per week
Other business, environment, philanthropy and volunteerism
highlights include:
Business
- For its clients in 2010 State Street
introduced a new ESG reporting service that enables institutional
investors to be better informed on ESG issues and better placed to
assess any potential ESG risks and opportunities, key factors in
investment decisions today .
Environment
- Renewable energy purchased increased 73
percent in 2010 to 110 gigawatt hours.
- Oil consumption decreased 31,000
gallons or 49 percent overall and 56 percent per person.
- Gas consumption declined 91,000 therms,
or 9 percent overall and 15 percent per person.
- Total waste dropped 496 tons, or 24
percent overall, and 38 percent, or 100 pounds, per person.
- Furthering its commitment to
environmental sustainability, State Street’s new offices in
Hangzhou, China are on track to achieve gold level certification in
Leadership in Energy and Environmental Design (LEED) and its
offices in Sydney, Australia achieved a five-star rating from the
Green Building Council of Australia’s Green Star system as well as
a 4.5 rating from the National Australian Built Environment Rating
System (NABERS).
Philanthropy and Volunteerism
- Overall charitable contributions rose
13 percent to $17.8 million in 2010 from $15.8 million in
2009.
- The State Street Foundation, the
company’s charitable grantmaking arm, recently updated its social
investment philosophy and grantmaking guidelines. The Foundation
will deploy new evaluation tools in 2011 to measure the
effectiveness of its grantmaking on advancing its new mission – to
support education and workforce development opportunities for
disadvantaged populations where it operates.
Other Achievements
- State Street achieved a major CR
milestone with its first-ever ISO14001 certification for its
operations in Edinburgh and London. ISO14001 is an internationally
recognized management tool for environmental impact identification
and performance improvement.
- State Street’s efforts have earned the
company inclusion in leading sustainability rankings and indices in
2010 such as the Dow Jones Sustainability Index and the No. 2
financial services company on Newsweek’s Green Rankings and No. 35
overall out of 500 publicly traded companies.
“Throughout the past year, we have taken several important steps
to further ensure corporate responsibility’s role as an important
part of our business strategy and DNA,” said Jay Hooley, chairman,
president and chief executive officer at State Street.
“Collectively, these efforts create value for our clients,
shareholders, and the communities where we live and work.”
State Street’s CR report adheres to Global Reporting Initiative
(GRI) principles and criteria, a comprehensive set of guidelines
that helps the company report on issues material to both the
company and its stakeholders and makes reporting more transparent.
The company engages Det Norske Veritas (DNV), an independent
foundation headquartered in Oslo, Norway, to assure and verify the
information contained in the report and on its GRI application.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors,
including investment servicing, investment management and
investment research and trading. With $22.6 trillion in assets
under custody and administration and $2.1 trillion* in assets under
management at March 31, 2011, State Street operates in 26 countries
and more than 100 geographic markets worldwide. For more
information, visit State Street’s website at
www.statestreet.com.
*This AUM includes the assets of the SPDR Gold Trust (approx.
$56 billion as of March 31, 2011), for which State Street Global
Markets, LLC, an affiliate of State Street Global Advisors serves
as the marketing agent.
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